The spot rate approaches to the lower limit of its medium term bullish channel in 1.3920 suggesting a rebound. However a break of these levels would release a large potential of drop and initiate a new trend.
According to previous events, the market indicates a bullish opportunity on the levels of 1.3920 with a 1st objective of 1.4020, then 1.4050. A break in 1.3890 would invalidate this scenario.